Natural Gas Services Group, Inc. (“NGS” or the “Company”)
(NYSE:NGS), a leading provider of natural gas compression equipment
and services to the energy industry, today announced financial
results for the three and six months ended June 30, 2022.
"Our rental revenue continued to accelerate in
the second quarter, the sixth consecutive quarter of steady growth
in our core business, with large horsepower installations
continuing to lead the way,” said John Chisholm, interim President
and Chief Executive Officer. “We continue to see strong demand for
compression from the wellhead to the pipeline, a trend we expect to
continue for the foreseeable future. Our mission as we look through
the balance of the year and into 2023 is to remain a leader in
compression technology with our current customers, penetrate new
markets, and improve our margins through a combination of rational
pricing and improved operating efficiencies.”
“Like every other energy services concern – as
well as the broader economy – we continued to battle inflationary
and supply chain challenges in the second quarter which had an
impact on our operating costs and margins,” continued Chisholm.
“However, we are working with our supplier and service partners and
have made meaningful progress in stabilizing costs and ensuring
more predictable key component availability. We will remain
vigilant in our efforts to combat costs and similarly steadfast in
our pursuit of optimal rental and service pricing given the current
energy market environment.”
“While energy producers continue to exhibit
restraint in capital commitments for purchase of compression
equipment, the rental market continues to gain momentum,” Chisholm
concluded. “We continue to see strong demand for new and repurposed
compression equipment, including a growing interest in electric
equipment. As a result, we are now likely to spend between $40-$50
million in capital this year, the vast majority backed by strong
contracts and including our recently announced electric conversion
program.”
Revenue: Total revenue for the three months
ended June 30, 2022 increased to $19.9 million from $17.7 million
for the three months ended June 30, 2021. This increase was due to
an increase in rental revenues partially offset by a slight
decrease in sales and service and maintenance revenues. Rental
revenue increased 16.2% to $18.1 million in the second quarter of
2022 from $15.6 million in the second quarter of 2021 due to the
increased deployment of rental units, primarily higher horsepower
packages. As of June 30, 2022 we had 1,281 rented units (311,379
horsepower) compared to 1,245 rented units (287,365 horsepower) as
of June 30, 2021. Sequentially, total revenue decreased 2.0% to
$19.9 million in the second quarter of 2022 compared to $20.3
million in the first quarter of 2022 primarily due to a $1.6
million decrease in sales revenues partially offset by a $1.0
million increase in rental revenues during the three months ended
June 30, 2022.
Gross Margins: Total gross margins
increased to $3.1 million for the three months ended June 30, 2022
compared to $0.5 million for the same period in 2021. Total
adjusted gross margin, exclusive of depreciation, for the three
months ended June 30, 2022, increased to $9.0 million from $6.6
million for the same period ended June 30, 2021. This increase was
primarily attributable to increased rental revenues and associated
gross margins during the current quarter. Sequentially, total gross
margin increased to $3.1 million for the three months ended June
30, 2022 compared to $3.0 million for the three months ended
March 31, 2022. Excluding depreciation, total adjusted gross
margin increased to $9.0 million during the second quarter of 2022
compared to $8.9 million during the first quarter of 2022. This
sequential increase was primarily due to sales revenues and
associated margins as well as slightly improved rental margins
related to increased rental revenues. Please see discussions of
Non-GAAP Financial Measures - Adjusted Gross Margin, below.
Operating Income (Loss): Operating income for
the three months ended June 30, 2022 was $0.7 million compared to
an operating loss of $2.3 million for the three months ended June
30, 2021. Operating income increased due to higher rental margins.
Similarly, operating income increased due to greater revenue and
rental margins in the second quarter of 2022 to $0.7 million from
$0.4 million during the first quarter of 2022.
Net Income (Loss): Net loss for the three months
ended June 30, 2022 was $(70,000) ($(0.01) per basic and diluted
shares) compared to net loss of $(1,918,000) ($(0.14) per basic and
diluted shares) for the three months ended June 30, 2021. The
decrease in net loss during the second quarter of 2022 was mainly
due to increased rental margins partially offset by a marginal
decrease in sales margins. Sequentially, net loss during the second
quarter of 2022 of $(70,000) ($(0.01) per basic and diluted shares)
compares to net income of $0.3 million ($0.03 per basic and diluted
shares) during the first quarter of 2022. This sequential decline
was primarily due to a $0.4 million reduction in income tax
benefit.
Adjusted EBITDA: Adjusted EBITDA increased to
$6.7 million for the three months ended June 30, 2022 from $4.5
million for the same period in 2021. This increase was primarily
attributable to higher rental margins. Sequentially, adjusted
EBITDA decreased marginally to $6.7 million for the three months
ended June 30, 2022 from $6.8 million in the previous quarter. This
decrease was primarily attributable to lower sales margins.
Cash flows: At June 30, 2022, cash and cash
equivalents were approximately $9.8 million, while working capital
was $32.1 million with no outstanding debt. For the six months of
2022, cash flows from operating activities was $13.2 million, while
cash flows used in investing activities was $19.2 million. Cash
flows used in investing activities included $19.2 million in
capital expenditures, of which $18.8 million was dedicated to
rental capital expenditures. In addition, the Company used $6.7
million in cash to repurchase 534,505 shares of common stock on the
open market.
Selected data: The tables below show, for the
three and six months ended June 30, 2022 and 2021, revenues and
percentage of total revenues, along with our gross margin and
adjusted gross margin (exclusive of depreciation and amortization),
as well as, related percentages of revenue for each of our product
lines. Adjusted gross margin is the difference between revenue and
cost of sales, exclusive of depreciation.
|
Revenue |
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(in thousands) |
Rental |
$ |
18,144 |
|
91 |
% |
|
$ |
15,613 |
|
88 |
% |
|
$ |
35,274 |
|
88 |
% |
|
$ |
30,954 |
|
85 |
% |
Sales |
|
1,292 |
|
7 |
% |
|
|
1,573 |
|
9 |
% |
|
|
4,184 |
|
10 |
% |
|
|
4,284 |
|
12 |
% |
Service & Maintenance |
|
490 |
|
2 |
% |
|
|
563 |
|
3 |
% |
|
|
804 |
|
2 |
% |
|
|
908 |
|
3 |
% |
Total |
$ |
19,926 |
|
|
|
$ |
17,749 |
|
|
|
$ |
40,262 |
|
|
|
$ |
36,146 |
|
|
|
Gross Margin |
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(in thousands) |
Rental |
$ |
3,078 |
|
|
17 |
% |
|
$ |
450 |
|
|
3 |
% |
|
$ |
5,142 |
|
15 |
% |
|
$ |
2,572 |
|
|
8 |
% |
Sales |
|
(216 |
) |
|
(17)% |
|
|
(275 |
) |
|
(17)% |
|
|
619 |
|
15 |
% |
|
|
(251 |
) |
|
(6 |
)% |
Service & Maintenance |
|
246 |
|
|
50 |
% |
|
|
298 |
|
|
53 |
% |
|
|
380 |
|
47 |
% |
|
|
586 |
|
|
65 |
% |
Total |
$ |
3,108 |
|
|
16 |
% |
|
$ |
473 |
|
|
3 |
% |
|
$ |
6,141 |
|
15 |
% |
|
$ |
2,907 |
|
|
8 |
% |
|
Adjusted Gross Margin (1) |
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(in thousands) |
Rental |
$ |
8,902 |
|
|
49 |
% |
|
$ |
6,531 |
|
|
42 |
% |
|
$ |
16,802 |
|
48 |
% |
|
$ |
14,715 |
|
|
48 |
% |
Sales |
|
(148 |
) |
|
(11) % |
|
|
(204 |
) |
|
(13) % |
|
|
756 |
|
18 |
% |
|
|
(108 |
) |
|
(3) % |
Service & Maintenance |
|
256 |
|
|
52 |
% |
|
|
313 |
|
|
56 |
% |
|
|
397 |
|
49 |
% |
|
|
610 |
|
|
67 |
% |
Total |
$ |
9,010 |
|
|
45 |
% |
|
$ |
6,640 |
|
|
37 |
% |
|
$ |
17,955 |
|
45 |
% |
|
$ |
15,217 |
|
|
42 |
% |
(1) For a reconciliation of adjusted gross
margin to its most directly comparable financial measure calculated
and presented in accordance with GAAP, please read “Non-GAAP
Financial Measures - Adjusted Gross Margin” below.
Non-GAAP Financial Measure - Adjusted Gross
Margin: “Adjusted Gross Margin” is defined as total revenue less
cost of sales (excluding depreciation expense). Adjusted gross
margin is included as a supplemental disclosure because it is a
primary measure used by management as it represents the results of
revenue and cost of sales (excluding depreciation expense), which
are key operating components. Adjusted gross margin differs from
gross margin in that gross margin includes depreciation expense. We
believe adjusted gross margin is important because it focuses on
the current operating performance of our operations and excludes
the impact of the prior historical costs of the assets acquired or
constructed that are utilized in those operations. Depreciation
expense reflects the systematic allocation of historical property
and equipment values over the estimated useful lives.
Adjusted gross margin has certain material
limitations associated with its use as compared to gross margin.
Depreciation expense is a necessary element of our costs and our
ability to generate revenue. Management uses this non-GAAP measure
as a supplemental measure to other GAAP results to provide a more
complete understanding of the company's performance. As an
indicator of operating performance, adjusted gross margin should
not be considered an alternative to, or more meaningful than, gross
margin as determined in accordance with GAAP. Adjusted Gross margin
may not be comparable to a similarly titled measure of another
company because other entities may not calculate adjusted gross
margin in the same manner.
The following table calculates gross margin, the
most directly comparable GAAP financial measure, and reconciles it
to adjusted gross margin:
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(in thousands) |
|
(in thousands) |
Total revenue |
|
19,926 |
|
|
$ |
17,749 |
|
|
$ |
40,262 |
|
|
|
36,146 |
|
Costs of revenue, exclusive of
depreciation |
|
(10,916 |
) |
|
|
(11,109 |
) |
|
|
(22,307 |
) |
|
|
(20,929 |
) |
Depreciation allocable to
costs of revenue |
|
(5,902 |
) |
|
|
(6,167 |
) |
|
|
(11,814 |
) |
|
|
(12,310 |
) |
Gross margin |
|
3,108 |
|
|
|
473 |
|
|
|
6,141 |
|
|
|
2,907 |
|
Depreciation allocable to
costs of revenue |
|
5,902 |
|
|
|
6,167 |
|
|
|
11,814 |
|
|
|
12,310 |
|
Adjusted Gross Margin |
$ |
9,010 |
|
|
$ |
6,640 |
|
|
$ |
17,955 |
|
|
$ |
15,217 |
|
Non-GAAP Financial Measures - Adjusted EBITDA:
“Adjusted EBITDA” reflects net income or loss before interest,
taxes, depreciation and amortization, non-cash stock compensation
expense, impairment of goodwill, increases in inventory allowance
and retirement of rental equipment. Adjusted EBITDA is a measure
used by management, analysts and investors as an indicator of
operating cash flow since it excludes the impact of movements in
working capital items, non-cash charges and financing costs.
Therefore, Adjusted EBITDA gives the investor information as to the
cash generated from the operations of a business. However, Adjusted
EBITDA is not a measure of financial performance under accounting
principles GAAP, and should not be considered a substitute for
other financial measures of performance. Adjusted EBITDA as
calculated by NGS may not be comparable to Adjusted EBITDA as
calculated and reported by other companies. The most comparable
GAAP measure to Adjusted EBITDA is net income (loss).
The following table reconciles our net (loss)
income, the most directly comparable GAAP financial measure, to
Adjusted EBITDA:
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
|
(in thousands) |
|
(in thousands) |
Net (loss) income |
$ |
(70 |
) |
|
$ |
(1,918 |
) |
|
$ |
267 |
|
$ |
(2,313 |
) |
Interest expense |
|
24 |
|
|
|
14 |
|
|
|
49 |
|
|
16 |
|
Income tax benefit |
|
372 |
|
|
|
(339 |
) |
|
|
361 |
|
|
(213 |
) |
Depreciation and
amortization |
|
6,042 |
|
|
|
6,326 |
|
|
|
12,103 |
|
|
12,623 |
|
Non-cash stock compensation
expense |
|
331 |
|
|
|
421 |
|
|
|
754 |
|
|
895 |
|
Adjusted EBITDA |
$ |
6,699 |
|
|
$ |
4,504 |
|
|
$ |
13,534 |
|
$ |
11,008 |
|
Concluding Comments: “The opportunities in our core business
continue to grow in 2022 and, we believe, into 2023,” said
Chisholm. “Existing clients are exhibiting strong demand for new
equipment and inquiries from prospective clients continue to
increase. We believe pricing should continue to firm. Our biggest
challenge – a challenge faced by many of our compression and energy
service brethren – is to match supply of equipment with demand for
equipment. Those challenges create significant opportunities with
good line of sight into future business for our Company.”
“My first two-plus months in the role as your
interim President and CEO has been productive, at times
challenging, and very rewarding,” concluded Chisholm. “As I noted
last quarter, Steve Taylor, our now Chairman, left your Company in
an exceptional position. My mission is simple: to build on that
solid foundation, do my best to continue to enhance the operating
culture of the enterprise and lead an effort to seize the
opportunities presented by a robust energy market. We are excited
about the opportunities ahead of us in the balance of this year and
next. Our goal remains to evaluate opportunities to grow NGS in
ways that will enhance value for you, our shareholders.”
Conference Call Details: The Company will host its earnings
conference call on Tuesday, August 16, 2022, at 8:30AM EDT (7:30am
CDT). To participate in the call, participants should access the
webcast on www.ngsgi.com under the Investor Relations section. To
connect telephonically, call (800) 550-9745 approximately five
minutes prior to the start of the call using passcode 522022.
Following the conclusion of the conference call, a recording of the
call will be available on the Company’s website.
About Natural Gas Services Group, Inc. (NGS):
NGS is a leading provider of gas compression technology and
services to the energy industry. The Company manufactures,
fabricates, rents, sells, and maintains natural gas compression
technology for oil and natural gas upstream providers and midstream
facilities. NGS is headquartered in Midland with manufacturing and
fabrication facilities located in Tulsa, and Midland. The Company
maintains service facilities in major energy producing basins in
the U.S. Additional information can be found at www.ngsgi.com.
Cautionary Note Regarding Forward-Looking
Statements: Except for historical information contained herein, the
statements in this release are forward-looking and made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve known
and unknown risks and uncertainties, which may cause NGS's actual
results in future periods to differ materially from forecasted
results. Those risks include, among other things: the
potential impacts of the COVID-19 pandemic on the Company’s
business; a prolonged, substantial reduction in oil and natural gas
prices which could cause a decline in the demand for NGS's products
and services; the loss of market share through competition or
otherwise; the introduction of competing technologies by other
companies; and new governmental safety, health and environmental
regulations which could require NGS to make significant capital
expenditures. The forward-looking statements included in this press
release are only made as of the date of this press release, and NGS
undertakes no obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances. A
discussion of these factors is included in the Company's most
recent Annual Report on Form 10-K, as well as the Company’s Form
10-Q for the quarterly period ended June 30, 2022, as filed with
the Securities and Exchange Commission.
For More Information, Contact: |
Investor Relations |
|
(432) 262-2700IR@ngsgi.com |
|
www.ngsgi.com |
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands, except par
value)(unaudited) |
|
|
|
|
|
June 30, 2022 |
|
December 31, 2021 |
ASSETS |
|
|
|
Current
Assets: |
|
|
|
Cash and cash equivalents |
$ |
9,828 |
|
|
$ |
22,942 |
|
Trade accounts receivable, net of allowance for doubtful accounts
of $380 and $1,129, respectively |
|
11,861 |
|
|
|
10,389 |
|
Inventory |
|
18,478 |
|
|
|
19,329 |
|
Federal income tax receivable (Note 4) |
|
11,538 |
|
|
|
11,538 |
|
Prepaid income taxes |
|
41 |
|
|
|
51 |
|
Prepaid expenses and other |
|
1,612 |
|
|
|
854 |
|
Total current assets |
|
53,358 |
|
|
|
65,103 |
|
Long-term inventory, net of
allowance for obsolescence of $37 and $64, respectively |
|
1,630 |
|
|
|
1,582 |
|
Rental equipment, net of
accumulated depreciation of $183,414 and $172,563,
respectively |
|
214,702 |
|
|
|
206,985 |
|
Property and equipment, net of
accumulated depreciation of $16,667 and $15,784, respectively |
|
20,170 |
|
|
|
20,828 |
|
Right of use assets -
operating leases, net of accumulated amortization of $641 and $555,
respectively |
|
290 |
|
|
|
285 |
|
Intangibles, net of
accumulated amortization of $2,196 and $2,134, respectively |
|
963 |
|
|
|
1,025 |
|
Other assets |
|
2,365 |
|
|
|
2,698 |
|
Total assets |
$ |
293,478 |
|
|
$ |
298,506 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
Liabilities: |
|
|
|
Accounts payable |
$ |
5,238 |
|
|
$ |
4,795 |
|
Accrued liabilities |
|
15,958 |
|
|
|
14,103 |
|
Current operating leases |
|
88 |
|
|
|
68 |
|
Deferred income |
|
— |
|
|
|
1,312 |
|
Total current liabilities |
|
21,284 |
|
|
|
20,278 |
|
Line of credit |
|
— |
|
|
|
— |
|
Deferred income tax
liability |
|
39,644 |
|
|
|
39,288 |
|
Long-term operating
leases |
|
202 |
|
|
|
217 |
|
Other long-term liabilities |
|
2,592 |
|
|
|
2,813 |
|
Total liabilities |
|
63,722 |
|
|
|
62,596 |
|
Commitments and
contingencies |
|
|
|
Stockholders’
Equity: |
|
|
|
Preferred stock, 5,000 shares
authorized, no shares issued or outstanding |
|
— |
|
|
|
— |
|
Common stock, 30,000 shares
authorized, par value $0.01; 13,499 and 13,394 shares issued,
respectively |
|
135 |
|
|
|
134 |
|
Additional paid-in capital |
|
114,255 |
|
|
|
114,017 |
|
Retained earnings |
|
130,370 |
|
|
|
130,103 |
|
Treasury Shares, at cost,
1,310 and 775 shares, respectively |
|
(15,004 |
) |
|
|
(8,344 |
) |
Total stockholders' equity |
|
229,756 |
|
|
|
235,910 |
|
Total liabilities and stockholders' equity |
$ |
293,478 |
|
|
$ |
298,506 |
|
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except
earnings per share)(unaudited) |
|
|
|
|
|
Three months ended |
|
Six months ended |
|
June 30, |
|
June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue: |
|
|
|
|
|
|
|
Rental income |
$ |
18,144 |
|
|
$ |
15,613 |
|
|
$ |
35,274 |
|
|
$ |
30,954 |
|
Sales |
|
1,292 |
|
|
|
1,573 |
|
|
|
4,184 |
|
|
|
4,284 |
|
Service and maintenance
income |
|
490 |
|
|
|
563 |
|
|
|
804 |
|
|
|
908 |
|
Total revenue |
|
19,926 |
|
|
|
17,749 |
|
|
|
40,262 |
|
|
|
36,146 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Cost of rentals, exclusive of
depreciation stated separately below |
|
9,242 |
|
|
|
9,082 |
|
|
|
18,472 |
|
|
|
16,239 |
|
Cost of sales, exclusive of
depreciation stated separately below |
|
1,440 |
|
|
|
1,777 |
|
|
|
3,428 |
|
|
|
4,392 |
|
Cost of service and
maintenance, exclusive of depreciation stated separately below |
|
234 |
|
|
|
250 |
|
|
|
407 |
|
|
|
298 |
|
Selling, general and
administrative expenses |
|
2,310 |
|
|
|
2,607 |
|
|
|
4,811 |
|
|
|
5,255 |
|
Depreciation and
amortization |
|
6,042 |
|
|
|
6,326 |
|
|
|
12,103 |
|
|
|
12,623 |
|
Total operating costs and expenses |
|
19,268 |
|
|
|
20,042 |
|
|
|
39,221 |
|
|
|
38,807 |
|
Operating income
(loss) |
|
658 |
|
|
|
(2,293 |
) |
|
|
1,041 |
|
|
|
(2,661 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
Interest expense |
|
(24 |
) |
|
|
(14 |
) |
|
|
(49 |
) |
|
|
(16 |
) |
Other income (expense),
net |
|
(332 |
) |
|
|
50 |
|
|
|
(364 |
) |
|
|
151 |
|
Total other income (expense), net |
|
(356 |
) |
|
|
36 |
|
|
|
(413 |
) |
|
|
135 |
|
Income (loss) before
provision for income taxes |
|
302 |
|
|
|
(2,257 |
) |
|
|
628 |
|
|
|
(2,526 |
) |
Income tax benefit |
|
(372 |
) |
|
|
339 |
|
|
|
(361 |
) |
|
|
213 |
|
Net loss |
$ |
(70 |
) |
|
$ |
(1,918 |
) |
|
$ |
267 |
|
|
$ |
(2,313 |
) |
Loss per
share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.01 |
) |
|
$ |
(0.14 |
) |
|
$ |
0.02 |
|
|
$ |
(0.17 |
) |
Diluted |
$ |
(0.01 |
) |
|
$ |
(0.14 |
) |
|
$ |
0.02 |
|
|
$ |
(0.17 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
12,305 |
|
|
|
13,305 |
|
|
|
12,421 |
|
|
|
13,284 |
|
Diluted |
|
12,305 |
|
|
|
13,305 |
|
|
|
12,528 |
|
|
|
13,284 |
|
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(in
thousands)(unaudited) |
|
Six months ended |
|
June 30, |
|
|
2022 |
|
|
|
2021 |
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net income
(loss) |
$ |
267 |
|
|
$ |
(2,313 |
) |
Adjustments to reconcile net income (loss) to net cash
provided by operating activities: |
|
|
|
Depreciation and amortization |
|
12,103 |
|
|
|
12,623 |
|
Amortization of debt issuance costs |
|
24 |
|
|
|
7 |
|
Deferred income tax (benefit) expense |
|
356 |
|
|
|
(224 |
) |
Stock-based compensation |
|
754 |
|
|
|
895 |
|
Bad debt allowance |
|
— |
|
|
|
65 |
|
Gain on sale of assets |
|
(151 |
) |
|
|
— |
|
Loss (gain) on company owned life insurance |
|
557 |
|
|
|
(188 |
) |
Changes in operating assets and liabilities: |
|
|
|
Trade accounts receivables |
|
(1,472 |
) |
|
|
(410 |
) |
Inventory |
|
803 |
|
|
|
(1,543 |
) |
Prepaid expenses and prepaid income taxes |
|
(748 |
) |
|
|
(369 |
) |
Accounts payable and accrued liabilities |
|
2,298 |
|
|
|
4,281 |
|
Deferred income |
|
(1,312 |
) |
|
|
(410 |
) |
Other |
|
(231 |
) |
|
|
338 |
|
NET CASH PROVIDED BY
OPERATING ACTIVITIES |
|
13,248 |
|
|
|
12,752 |
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
Purchase of rental equipment, property and other equipment |
|
(19,173 |
) |
|
|
(12,567 |
) |
Purchase of company owned life insurance |
|
(236 |
) |
|
|
(55 |
) |
Proceeds from sale of property and equipment |
|
224 |
|
|
|
— |
|
NET CASH USED IN
INVESTING ACTIVITIES |
|
(19,185 |
) |
|
|
(12,622 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
Payments of other long-term liabilities, net |
|
(2 |
) |
|
|
(1 |
) |
Repayments of long-term debt |
|
— |
|
|
|
(237 |
) |
Repayments of line of credit |
|
— |
|
|
|
(417 |
) |
Purchase of treasury shares |
|
(6,660 |
) |
|
|
(1,892 |
) |
Taxes paid related to net share settlement of equity awards |
|
(515 |
) |
|
|
(335 |
) |
NET CASH USED IN
FINANCING ACTIVITIES |
|
(7,177 |
) |
|
|
(2,882 |
) |
NET CHANGE IN CASH AND
CASH EQUIVALENTS |
|
(13,114 |
) |
|
|
(2,752 |
) |
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD |
|
22,942 |
|
|
|
28,925 |
|
CASH AND CASH EQUIVALENTS
AT END OF PERIOD |
$ |
9,828 |
|
|
$ |
26,173 |
|
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION: |
|
|
|
Interest paid |
$ |
25 |
|
|
$ |
9 |
|
NON-CASH
TRANSACTIONS |
|
|
|
Right of use asset acquired through an operating lease |
$ |
91 |
|
|
$ |
— |
|
NATURAL GAS SERVICES GROUP ANNOUNCES
EARNINGS SCHEDULE FOR SECOND QUARTER 2022 RESULTS
Natural Gas Services Group, Inc. (NYSE: NGS)
today announced the Company’s schedule for releasing its
second quarter 2022 results for the three months ended June 30,
2022.
In a press release to be issued after market
close on Monday, August 15, 2022, the Company will release its
second quarter 2022 financial and operating results for the
three months ended June 30, 2022.
The Company will host its earnings conference
call on Tuesday, August 16, 2022, at 8:30AM EDT (7:30am CDT). To
participate in the call, participants should access the webcast on
www.ngsgi.com under the Investor Relations section. To connect
telephonically, call (800) 550-9745 approximately five minutes
prior to the start of the call using passcode 522022. Following the
conclusion of the conference call, a recording of the call will be
available on the Company’s website.
About Natural Gas Services Group,
Inc.
NGS is a leading provider of gas compression
technology and services to the energy industry. The Company
manufactures, fabricates, rents, sells, and maintains natural gas
compression technology for oil and natural gas upstream providers
and midstream facilities. NGS is headquartered in Midland with
manufacturing and fabrication facilities located
in Tulsa, and Midland. The Company maintains service
facilities in major energy producing basins in
the U.S. Additional information can be found
at www.ngsgi.com.
Natural Gas Services Group, Inc. Investor
Relations432-262-2700ir@ngsgi.com
-30-
Investor Relations
IR@ngsgi.com
432-262-2700
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